Fertiliser and explosives maker Incitec Pivot has lifted full-year profit to $318.7 million and announced its chief executive will be stepping down.
The company’s shares climbed as much as 6.15 per cent to $3.97, their highest since January 2016, as it also flagged a share buyback of up to $300 million over the next 12 months.
Chief executive and managing director James Fazzino will step down, and be replaced by Jeanne Johns. Photo: Wayne Taylor
Net profit for the year to September 30 more than doubled compared to the $128 million profit recorded a year ago, which was dampened by lower global commodity and fertiliser prices.
Revenue rose 3.6 per cent to $3.5 billion, from $3.4 billion a year ago, driven by record earnings from explosives, earnings following the completion of Incitec’s Waggaman nitrogen plant and a resilient fertiliser division.
Incitec declared a final unfranked dividend of 4.9 cents a share, up from 4.6 cents a year ago.
The company announced chief executive and managing director James Fazzino will step down from his role on Tuesday after eight years in the job.
Mr Fazzino will be replaced by Jeanne Johns who has run major industrial and commodity based business in the United States, Asia and the United Kingdom.
Chairman Paul Brasher said Ms John, who will start in the role as early as Wednesday, will bring “valuable fresh perspectives” to all aspects of the business.